cdr-ex991

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

Massapequa, New York – November 4, 2021 – Cedar Realty Trust, Inc. (NYSE: CDR – the “Company”) today reported results for the third quarter of 2021. Net loss attributable to common shareholders was $(6.28) per diluted share. Other highlights include:

Net loss attributable to common shareholders for the third quarter of 2021 was $(83.2) million or $(6.28) per diluted share, compared to net loss of $(1.4) million or $(0.11) per diluted share for the same period in 2020. Net loss attributable to common shareholders for the nine-month period ended September 30, 2021 was $(36.4) million or $(2.77) per diluted share, compared to net loss of $(15.1) million or $(1.17) per dilutive share for the same period of 2020. The principal differences in the comparative three and nine month results were gain on sales of properties in 2021, and impairment (reversal) charges on a properties held for sale in 2021 and 2020, a lease termination fee from a property held for sale in 2020, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2020.

NAREIT-defined FFO for the third quarter of 2021 was $8.6 million or $0.62 per diluted share, compared to $8.0 million or $0.58 per diluted share for the same period in 2020. Operating FFO for the third quarter of 2021 was $8.8 million or $0.63 per diluted share, compared to $8.0 million or $0.58 per diluted share for the same period in 2020. The difference between Operating FFO and NAREIT-defined FFO in 2020 was redevelopment costs and financing costs. The principal difference in the comparative three-month NAREIT-defined FFO and Operating FFO was the second quarter of 2020 was significantly impacted by the effects of COVID-19.

NAREIT-defined FFO for the nine months ended September 30, 2021 was $25.4 million or $1.84 per diluted share, compared to $30.0 million or $2.17 per dilutive share for the same period in 2020. Operating FFO for the nine months ended September 30, 2021 was $25.8 million or $1.87 per diluted share, as compared to $30.5 million or $2.20 per dilutive share for the same period in 2020. The principal differences between the comparative nine-month NAREIT-defined FFO and Operating FFO results were the effects of COVID-19 and lease termination income in 2020.

During the third quarter of 2021, the Company signed 33 leases for 230,200 square feet. On a comparable space basis, the Company signed 19 renewal leases for 87,900 square feet at an increase of 2.5% and 10 new leases for 128,900 square feet at an increase of 52.7%. During the nine-month period ended September 30, 2021, the Company signed 104 leases for 707,500 square feet. On a comparable space basis, the Company signed 63 renewal leases for 385,200 square feet at an increase of 1.6% and 29 new leases for 208,500 square feet at an increase of 16.0%.

Excluding redevelopments, same-property NOI increased 10.5% for the third quarter of 2021 and increased 3.8% for the nine months ended September 30, 2021, as compared to the same periods of 2020. Including redevelopments same-property NOI increased 9.5% for the third quarter of 2021 and 2.5% for the nine months ended September 30, 2021, as compared to the same periods of 2020. The third quarter of 2020 was significantly impacted by the effects of COVID-19.

The Company’s same-property portfolio was 91.4% leased at September 30, 2021, compared to 90.9% at June 30, 2021 and 92.0% at September 30, 2020. The Company’s total portfolio, excluding properties held for sale, was 89.8% leased at September 30, 2021, compared to 88.7% at June 30, 2021 and 89.8% at September 30, 2020. During the third quarter of 2021, the Company executed four anchor leases for 115,819

square feet. Hobby Lobby and Grocery Outlet will be our new anchors at Valley Plaza, back filling a former Kmart box. Additionally, Porter and Chester Institute will join the lineup at the ShopRite-anchored New London Mall and PetSmart will join the lineup at Colonial Commons.

On August 30, 2021, the Company amended its existing $300 million unsecured credit facility and $50 million term loan. After the amendment, the new unsecured revolving credit facility is $185 million with an expiration in August 2024. The new unsecured revolving credit facility may be extended, at the Company’s option for two additional one-year periods, subject to customary conditions. Interest on the borrowings under the new unsecured revolving credit facility component can range from LIBOR plus 135 bps to 195 bps (150 bps at September 30, 2021), based on the Company’s leverage ratio. Interest on borrowings under the unsecured credit facility is based on the Company’s leverage ratio. The Company extended its $50 million term note four years with an expiration in August 2026. As of September 30, 2021, the Company had $66.0 million outstanding and $117.9 million available for additional borrowings under its revolving credit facility and was in compliance with all financial covenants.

On September 9, 2021, the Company announced that it is exploring, among other alternatives, a potential sale or merger involving the entire Company, and alternatively the potential sale of its core grocery-anchored shopping center portfolio and its mixed-use redevelopment projects. As part of this dual-track strategic alternatives process, the Company has determined that certain of the Company’s operating properties would be sold significantly prior to the end of their previously estimated hold periods. Therefore, the Company recorded $82.7 million in impairment charges.

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three and nine months ended September 30, 2021 and 2020 is detailed in the attached schedule.

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as management transition, acquisition pursuit and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs. Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

The Company has issued “Supplemental Financial Information” for the period ended September 30, 2021. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 53 properties, with approximately 7.6 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.

Certain statements made in this press release that are not strictly historical are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally; (xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the years ended December 31, 2020 and December 31, 2019, when available, and other documents that the Company files with the Securities and Exchange Commission from time to time.

	September 30,			December 31,
	2021			2020
ASSETS
Real estate, at cost	$	1,398,188,000		$	1,527,478,000
Less accumulated depreciation		(432,488,000	)		(428,569,000	)
Real estate, net		965,700,000			1,098,909,000
Real estate held for sale		1,876,000			9,498,000
Investment in unconsolidated joint venture		3,193,000			-
Cash and cash equivalents		4,731,000			1,637,000
Restricted cash		230,000			-
Receivables		22,290,000			21,952,000
Other assets and deferred charges, net		38,751,000			45,255,000
TOTAL ASSETS	$	1,036,771,000		$	1,177,251,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable, net	$	157,040,000		$	45,385,000
Finance lease obligation		5,324,000			5,340,000
Unsecured revolving credit facility		66,000,000			175,000,000
Unsecured term loans, net		298,809,000			398,549,000
Accounts payable and accrued liabilities		45,173,000			56,580,000
Unamortized intangible lease liabilities		8,066,000			8,939,000
Total liabilities		580,412,000			689,793,000

Equity:
Preferred stock		159,541,000			159,541,000
Common stock and other shareholders' equity		292,684,000			323,957,000
Noncontrolling interests		4,134,000			3,960,000
Total equity		456,359,000			487,458,000

TOTAL LIABILITIES AND EQUITY	$	1,036,771,000		$	1,177,251,000

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
PROPERTY REVENUES
Rental revenues	$	30,395,000		$	30,890,000		$	95,611,000		$	94,466,000
Other		167,000			285,000			722,000			7,814,000
Total property revenues		30,562,000			31,175,000			96,333,000			102,280,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		5,570,000			5,579,000			19,646,000			18,808,000
Real estate and other property-related taxes		4,797,000			5,253,000			14,968,000			15,353,000
Total property operating expenses		10,367,000			10,832,000			34,614,000			34,161,000

PROPERTY OPERATING INCOME		20,195,000			20,343,000			61,719,000			68,119,000

OTHER EXPENSES AND INCOME
General and administrative		4,229,000			3,925,000			13,630,000			12,833,000
Depreciation and amortization		9,510,000			10,035,000			30,978,000			38,208,000
Gain on sales		-			(679,000	)		(49,904,000	)		(679,000	)
Impairment charges		82,736,000			-			80,887,000			7,607,000
Total other expenses and income		96,475,000			13,281,000			75,591,000			57,969,000

OPERATING (LOSS) INCOME		(76,280,000	)		7,062,000			(13,872,000	)		10,150,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(4,603,000	)		(5,658,000	)		(14,294,000	)		(16,853,000	)
Total non-operating income and expense		(4,603,000	)		(5,658,000	)		(14,294,000	)		(16,853,000	)

NET (LOSS) INCOME		(80,883,000	)		1,404,000			(28,166,000	)		(6,703,000	)

Attributable to noncontrolling interests		367,000			(137,000	)		(183,000	)		(373,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(80,516,000	)		1,267,000			(28,349,000	)		(7,076,000	)

Preferred stock dividends		(2,688,000	)		(2,688,000	)		(8,064,000	)		(8,064,000	)

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(83,204,000	)	$	(1,421,000	)	$	(36,413,000	)	$	(15,140,000	)

NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$	(6.28	)	$	(0.11	)	$	(2.77	)	$	(1.17	)

Weighted average number of common shares - basic and diluted		13,252,000			13,110,000			13,191,000			13,101,000

Balance Sheets	September 30,		December 31,
	2021		2020

Construction in process (included in real estate, at cost)	$	37,720,000	$	41,699,000

Receivables
Rents and other tenant receivables, net (a)	$	5,408,000	$	6,541,000
Mortgage note and other receivable		5,500,000		3,500,000
Straight-line rents		11,382,000		11,911,000
	$	22,290,000	$	21,952,000

Other assets and deferred charges, net
Lease origination costs	$	16,036,000	$	22,331,000
Right-of-use assets		9,959,000		13,828,000
Prepaid expenses		10,130,000		6,906,000
Revolving credit facility issuance costs		1,222,000		623,000
Other		1,404,000		1,567,000
	$	38,751,000	$	45,255,000

Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	$	23,053,000	$	23,576,000
Right-of-use liabilities		10,290,000		14,077,000
Interest rate swap liabilities		11,830,000		18,927,000
	$	45,173,000	$	56,580,000

Statements of Operations	Three months ended September 30,					Nine months ended September 30,
	2021		2020			2021		2020
Rental revenues
Base rents	$	22,657,000	$	23,233,000		$	70,249,000	$	71,776,000
Expense recoveries		7,385,000		6,812,000			23,185,000		21,695,000
Percentage rent		78,000		823,000			1,004,000		1,152,000
Straight-line rents		7,000		(277,000	)		366,000		(1,222,000	)
Amortization of intangible lease liabilities, net		268,000		299,000			807,000		1,065,000
	$	30,395,000	$	30,890,000		$	95,611,000	$	94,466,000

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Net loss attributable to common shareholders	$	(83,204,000	)	$	(1,421,000	)	$	(36,413,000	)	$	(15,140,000	)
Real estate depreciation and amortization		9,497,000			10,010,000			30,917,000			38,115,000
Limited partners' interest		(492,000	)		(7,000	)		(214,000	)		(87,000	)
Gain on sales		-			(679,000	)		(49,904,000	)		(679,000	)
Impairment charges		82,736,000			-			80,887,000			7,607,000
Consolidated minority interests:
Share of income		125,000			144,000			397,000			460,000
Share of FFO		(78,000	)		(15,000	)		(279,000	)		(276,000	)
Funds From Operations ("FFO") applicable to diluted common shares		8,584,000			8,032,000			25,391,000			30,000,000
Adjustments for items affecting comparability:		-			-
Redevelopment costs (a)		-			-			230,000			483,000
Financing costs (b)		171,000			-			215,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	8,755,000		$	8,032,000		$	25,836,000		$	30,483,000

FFO per diluted common share:	$	0.62		$	0.58		$	1.84		$	2.17

Operating FFO per diluted common share:	$	0.63		$	0.58		$	1.87		$	2.20

Weighted average number of diluted common shares:
Common shares and equivalents		13,790,000			13,760,000			13,751,000			13,758,000
OP Units		81,000			81,000			81,000			81,000
		13,871,000			13,841,000			13,832,000			13,839,000

Additional Disclosures (c):
Straight-line rents	$	7,000		$	(277,000	)	$	366,000		$	(1,222,000	)
Amortization of intangible lease liabilities		268,000			299,000			807,000			1,065,000
Non-real estate amortization		469,000			377,000			1,264,000			1,063,000
Share-based compensation, net		583,000			767,000			2,509,000			2,753,000
Maintenance capital expenditures (d)		1,103,000			2,610,000			2,730,000			6,138,000
Lease related expenditures (e)		1,367,000			1,629,000			6,536,000			6,179,000
Development and redevelopment capital expenditures		4,339,000			12,293,000			11,359,000			23,418,000
Capitalized interest and financing costs		895,000			641,000			2,450,000			1,865,000

	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Net (loss) income	$	(80,883,000	)	$	1,404,000		$	(28,166,000	)	$	(6,703,000	)
Interest expense		4,603,000			5,658,000			14,294,000			16,853,000
Depreciation and amortization		9,510,000			10,035,000			30,978,000			38,208,000
Gain on sales		-			(679,000	)		(49,904,000	)		(679,000	)
Impairment charges		82,736,000			-			80,887,000			7,607,000
EBITDAre		15,966,000			16,418,000			48,089,000			55,286,000
Adjustments for items affecting comparability:
Redevelopment costs (a)		-			-			230,000			483,000
Financing costs (b)		171,000			-			215,000			-
Adjusted EBITDAre	$	16,137,000		$	16,418,000		$	48,534,000		$	55,769,000

Net debt
Debt, excluding issuance costs	$	524,843,000		$	641,807,000		$	524,843,000		$	641,807,000
Finance lease obligation		5,608,000			5,640,000			5,608,000			5,640,000
Unrestricted cash and cash equivalents		(4,731,000	)		(3,568,000	)		(4,731,000	)		(3,568,000	)
	$	525,720,000		$	643,879,000		$	525,720,000		$	643,879,000

Fixed charges (c)
Interest expense	$	4,969,000		$	5,916,000		$	15,356,000		$	17,647,000
Preferred stock dividends		2,688,000			2,688,000			8,064,000			8,064,000
Scheduled mortgage repayments		277,000			269,000			825,000			797,000
	$	7,934,000		$	8,873,000		$	24,245,000		$	26,508,000

Debt and Coverage Ratios (d)
Net debt to Adjusted EBITDAre		8.1	x		9.8	x		8.6	x		9.9	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.3	x		2.8	x		3.0	x		2.8	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.0	x		1.8	x		1.9	x		1.8	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza	Jun 2026	3.9%	$	44,843,000
Shops at Suffolk Downs (a)	Jun 2031	3.5%		15,600,000
Trexlertown Plaza (a)	Jun 2031	3.5%		36,100,000
The Point (a)	Jun 2031	3.5%		29,700,000
Christina Crossing (a)	Jun 2031	3.5%		17,000,000
Lawndale Plaza (a)	Jun 2031	3.5%		15,600,000
Senator Square finance lease obligation (b)	Sep 2050	5.3%		5,608,000
Total fixed rate debt	weighted average	3.6%		164,451,000

Unsecured debt:
Variable-rate: (c)
Revolving credit facility (d)	Aug 2024	1.6%		66,000,000
Fixed-rate (e):
Term loan	Apr 2023	3.3%		100,000,000
Term loan	Sep 2024	3.8%		75,000,000
Term loan	Jul 2025	4.7%		75,000,000
Term loan	Aug 2026	3.3%		50,000,000
Total unsecured debt	weighted average	3.4%		366,000,000

Total debt	weighted average	3.5%		530,451,000

Unamortized mortgage, finance lease and term loan issuance costs				(3,278,000	)

Total debt			$	527,173,000

Fixed to variable rate debt ratio:
Fixed-rate debt		87.6%	$	464,451,000
Variable-rate debt		12.4%		66,000,000
		100.0%	$	530,451,000

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Connecticut
Bethel Shopping Center		2013		101,105		89.1	%	$	24.44	Big Y	Dollar Tree
Brickyard Plaza		2004		227,598		99.2	%		8.83		Home Depot
											Kohl's
											Michaels
											PetSmart
Groton Shopping Center		2007		130,264		100.0	%		12.31	Aldi	TJ Maxx
											Goodwill
											Planet Fitness
											Dollar Tree
											Pet Supplies Plus
Jordan Lane		2005		174,679		92.8	%		11.07	Stop & Shop	Crunch Fitness
											Dollar Tree
											Shopper's World
New London Mall		2009		259,566		88.3	%		12.84	Shop Rite	Marshalls
											Home Goods
											PetSmart
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart	Bristol Ten Pin
Southington Center		2003		155,842		98.5	%		7.94	Walmart	NAMCO
											Southington Wine & Spirit
Total Connecticut				1,139,154		94.9	%		11.41

Delaware
Christina Crossing		2017		119,446		93.8	%		19.34	Shop Rite

Maryland / Washington, D.C.
East River Park		2015		150,038		92.3	%		20.79	Safeway	District of Columbia
											CVS
Oakland Mills		2005		57,008		92.6	%		11.45	LA Mart
Patuxent Crossing (f/k/a San Souci Plaza) (a)		2009		264,134		82.9	%		11.55	McKay's Market and Café	Marshalls
											Home Goods
											World Gym
											JoAnn Fabrics
											Dollar Tree
Senator Square		2018		42,941		74.3	%		31.48		Unity Health Care
Shoppes at Arts District		2016		35,676		100.0	%		36.06	Yes! Organic Market	Busboys and Poets
Valley Plaza		2003		190,939		27.9	%		10.16		Tractor Supply

Yorktowne Plaza		2007		136,197		57.7	%		13.45	Food Lion	Dollar Tree
Total Maryland / Washington, D.C.				876,933		69.5	%		16.24

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		84.3	%		12.05	Shaw's	Work Out World
											Dollar Tree
											Family Dollar
Franklin Village Plaza	2004/2012			305,937		88.1	%		20.64	Stop & Shop	Marshalls
											NRG Labs
Kings Plaza		2007		168,243		82.2	%		8.69		Fun Z Trampoline Park
											Ocean State Job Lot
											Savers
											Dollar General
Norwood Shopping Center		2006		42,308		85.9	%		8.84	Big Y	Planet Fitness
											Dollar Tree
The Shops at Suffolk Downs		2005		121,187		98.8	%		14.62	Stop & Shop	Dollar Tree
										Target (b)

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Massachusetts (continued)
Timpany Plaza		2007		182,799		66.1	%		9.93		Big Lots
											Gardner Theater
											Tractor Supply
											Dollar Tree
Webster Commons		2007		98,984		96.7	%		11.95		Big Lots
											Planet Fitness
											CVS
											Aubuchon Hardware
Total Massachusetts				1,069,581		84.8	%		14.01

New Jersey
Pine Grove Plaza		2003		79,306		49.6	%		14.70	Acme Markets (b)	Dollar Tree
The Shops at Bloomfield Station		2016		63,844		86.0	%		17.83	Super Foodtown
Washington Center Shoppes		2001		157,300		90.9	%		11.53	Acme Markets	Planet Fitness
Total New Jersey				300,450		78.9	%		13.51

New York
Carman's Plaza		2007		182,081		77.4	%		21.98	Key Food	Department of Motor Vehicles
											Popcorn Beauty
											Dollar Tree
Pennsylvania
Academy Plaza		2001		136,685		91.4	%		15.55	Acme Markets	Rite Aid
Colonial Commons		2011		410,432		92.0	%		13.69	Giant Foods (c)	Dick's Sporting Goods
											Home Goods
											Ross Dress For Less
											Marshalls
											JoAnn Fabrics
											David's Furniture
											Old Navy
											Dollar Tree
Crossroads II (a)		2008		133,717		98.7	%		19.80	Giant Foods	Dollar Tree
Fairview Commons		2007		52,964		75.3	%		10.10	Grocery Outlet	Dollar Tree
Fishtown Crossing		2001		129,810		88.3	%		18.17	IGA Supermarket	Pep Boys
											Dollar Tree
											Dollar General
Girard Plaza		2019		35,688		100.0	%		16.29	Save A Lot	Dollar General
Gold Star Plaza		2006		71,720		100.0	%		9.08	Redner's	Dollar Tree
Golden Triangle		2003		202,790		97.5	%		12.72		LA Fitness
											Marshalls
											Staples
											Immunotek
											American Freight
											Walgreens
											Dollar Tree
Halifax Plaza		2003		51,510		100.0	%		13.68	Giant Foods	Rite Aid
Hamburg Square		2004		102,058		96.7	%		6.50	Redner's	Chesaco RV
Lawndale Plaza		2015		92,773		100.0	%		18.73	Shop Rite
Meadows Marketplace	2004/2012			91,518		89.8	%		15.93	Giant Foods
Newport Plaza		2003		64,489		97.0	%		13.37	Giant Foods	Rite Aid
Northside Commons		2008		69,136		100.0	%		10.42	Redner's	Dollar Tree
Palmyra Shopping Center		2005		111,051		90.2	%		7.95	Weis Markets	Goodwill

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Pennsylvania (continued)
Quartermaster Plaza		2014		456,602		91.2	%		14.83	BJ's Wholesale Club	Home Depot
											Planet Fitness
											Staples
											PetSmart
											Walgreens
Riverview Plaza		2003		108,902		74.5	%		21.98		Pep Boys
											Staples
South Philadelphia		2003		191,340		76.0	%		12.25	Shop Rite	Ross Dress For Less
											LA Fitness
											Kid City
Swede Square		2003		100,809		92.6	%		15.69	Grocery Outlet	LA Fitness
The Point		2000		260,625		87.8	%		14.98	Giant Foods	Burlington
											Barton's Home Outlet
											Staples
											Dollar Tree
Trexler Mall		2005		336,687		98.2	%		11.02		Kohl's
											Urban Air
											Lehigh Wellness Partners
											Maxx Fitness
											Marshalls
											Home Goods
											Dollar Tree
Trexlertown Plaza		2006		325,171		98.3	%		14.10	Giant Foods	Hobby Lobby
											Burlington
											Big Lots
											Tractor Supply
Total Pennsylvania				3,536,477		92.4	%		13.93

Virginia
Coliseum Marketplace		2005		106,648		45.9	%		14.22		Michaels
Elmhurst Square		2006		66,254		91.1	%		10.15	Food Lion
General Booth Plaza		2005		71,639		100.0	%		15.37	Food Lion
Kempsville Crossing		2005		79,512		96.1	%		10.96	Walmart	The Iron Asylum
Oak Ridge Shopping Center		2006		38,700		100.0	%		11.09	Food Lion
Total Virginia				362,753		81.6	%		12.42

Total (89.8% leased at September 30, 2021)				7,586,875		87.7	%	$	13.92

				Percentage			Percentage	Q3 2021
				of occupied	Annualized		of annualized	percent
Tenant Categories	Examples/Description	GLA		GLA	base rent		base rents	collected
Grocer Anchor	Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market		2,143,000	32.2%	$	26,066,000	28.2%	99.9%
Limited/Fast Service Restaurants	Panera Bread, Subway, Dunkin, McDonalds, Chipotle		270,000	4.1%		7,334,000	7.9%	95.9%
Fitness	LA Fitness, Planet Fitness		422,000	6.3%		5,177,000	5.6%	81.1%
Full Service Restaurants	Chili's, Red Lobster, Busboys and Poets		221,000	3.3%		4,799,000	5.2%	92.2%
Discount Department Stores	Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx		493,000	7.4%		4,146,000	4.5%	100.0%
Dollar/Variety	Dollar Tree, Big Lots, Five Below		468,000	7.0%		4,176,000	4.5%	97.5%
Medical, Dental and Optical	Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical		191,000	2.9%		4,133,000	4.5%	99.8%
Personal Care	Nail Salons, Hair Salons, Spas		163,000	2.5%		3,690,000	4.0%	95.2%
Home Improvement/Hardware	Home Depot, Tractor Supply		366,000	5.5%		2,883,000	3.1%	100.0%
Banking	Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank		62,000	0.9%		1,831,000	2.0%	97.9%
Wireless and Gaming	AT&T Mobility, T-Mobile, Verizon Wireless, GameStop		88,000	1.3%		2,294,000	2.5%	92.9%
Pharmacy/Drug Store	Rite Aid, Walgreens, CVS		81,000	1.2%		2,213,000	2.4%	98.8%
Office Supply	Staples, The UPS Store		100,000	1.5%		1,696,000	1.8%	100.0%
Beer, Wine and Liquor	Beer, Wine and Liquor Stores		119,000	1.8%		2,070,000	2.2%	91.4%
Governmental Office	District of Columbia, Department of Motor Vehicle, USPS		74,000	1.1%		1,950,000	2.1%	99.2%
Clothing	Old Navy, Carter's, Madrag		102,000	1.5%		1,466,000	1.6%	96.0%
Home Furnishing	Home Goods, Mattress Firm		185,000	2.8%		1,960,000	2.1%	93.4%
Automotive Parts and Service	Pep Boys, Advance Auto Parts, AutoZone, Mavis		119,000	1.8%		1,578,000	1.7%	97.5%
Shoes	Famous Footwear, Shoe City		69,000	1.0%		1,416,000	1.5%	99.5%
Non-Retail	Various office tenants		67,000	1.0%		1,151,000	1.2%	96.0%
Sporting and Outdoor Stores	Dicks, NAMCO Pools		95,000	1.4%		1,369,000	1.5%	90.4%
Hobby Stores	Michaels, Hobby Lobby, JoAnn Fabrics		155,000	2.3%		1,265,000	1.4%	97.0%
Beauty Supplies	Sally Beauty, Popcorn Beauty, Ulta		45,000	0.7%		1,163,000	1.3%	100.0%
Pet	PetSmart, Pet Supplies Plus		86,000	1.3%		1,251,000	1.4%	100.0%
Other	Professional Services, Thrift Stores, Movie Theatre, Cleaners, Education, Books and Other		467,000	7.0%		5,500,000	5.9%	94.7%
			6,651,000	100.0%	$	92,577,000	100.0%	96.8%

	Number									Annualized		Percentage
	of				Percentage			Annualized		base rent		annualized
Tenant	stores		GLA		of GLA			base rent		per sq. ft.		base rents
Top twenty-five tenants (a):
Giant Foods		7		445,000		5.9	%	$	7,403,000	$	16.64		8.0	%
Shop Rite		4		250,000		3.3	%		4,092,000		16.37		4.4	%
Stop & Shop		3		211,000		2.8	%		2,938,000		13.92		3.2	%
Dollar Tree		21		222,000		2.9	%		2,327,000		10.48		2.5	%
Home Depot		2		253,000		3.3	%		1,977,000		7.81		2.1	%
BJ's Wholesale Club		1		118,000		1.6	%		1,760,000		14.92		1.9	%
Planet Fitness		6		119,000		1.6	%		1,681,000		14.13		1.8	%
Marshalls		6		170,000		2.2	%		1,576,000		9.27		1.7	%
Food Lion		4		163,000		2.1	%		1,559,000		9.56		1.7	%
Big Y		1		64,000		0.8	%		1,484,000		23.19		1.6	%
Staples		4		86,000		1.1	%		1,386,000		16.12		1.5	%
LA Fitness		3		113,000		1.5	%		1,361,000		12.04		1.5	%
Walmart		3		192,000		2.5	%		1,193,000		6.21		1.3	%
Redner's		3		159,000		2.1	%		1,165,000		7.33		1.3	%
Kohl's		2		147,000		1.9	%		1,031,000		7.01		1.1	%
HomeGoods		4		105,000		1.4	%		976,000		9.30		1.1	%
District of Columbia		1		34,000		0.4	%		932,000		27.41		1.0	%
Shaw's		1		68,000		0.9	%		925,000		13.60		1.0	%
Walgreens		2		29,000		0.4	%		875,000		30.17		0.9	%
PetSmart		3		63,000		0.8	%		857,000		13.60		0.9	%
Dick's Sporting Goods		1		56,000		0.7	%		784,000		14.00		0.8	%
CVS		2		20,000		0.3	%		783,000		39.15		0.8	%
Burlington Coat Factory		2		84,000		1.1	%		760,000		9.05		0.8	%
Lehigh Valley Health		1		33,000		0.4	%		673,000		20.39		0.7	%
Department of Motor Vehicles		1		19,000		0.3	%		669,000		35.21		0.7	%
Sub-total top twenty-five tenants		88		3,223,000		42.5	%		41,167,000		12.77		44.5	%
Remaining tenants		664		3,428,000		45.2	%		51,410,000		15.00		55.5	%
Sub-total all tenants (b)		752		6,651,000		87.7	%	$	92,577,000	$	13.92		100.0	%
Vacant space	N/A			936,000		12.3	%
Total		752		7,587,000		100.0	%

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

Total Portfolio
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		54		175,000		2.6	%	$	17.81		3.4	%
2021		32		142,000		2.1	%		21.36		3.3	%
2022		98		473,000		7.1	%		15.99		8.2	%
2023		85		616,000		9.3	%		15.30		10.2	%
2024		104		795,000		12.0	%		14.69		12.6	%
2025		98		1,068,000		16.1	%		12.86		14.8	%
2026		71		560,000		8.4	%		14.50		8.8	%
2027		45		372,000		5.6	%		13.71		5.5	%
2028		36		400,000		6.0	%		11.20		4.8	%
2029		37		607,000		9.1	%		13.06		8.6	%
2030		33		436,000		6.6	%		10.48		4.9	%
Thereafter		59		1,007,000		15.1	%		13.73		14.9	%
All tenants		752		6,651,000		100.0	%	$	13.92		100.0	%
Spaces ≥ 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		2		37,000		0.8	%	$	6.54		0.4	%
2021		3		74,000		1.5	%		22.53		3.1	%
2022		10		230,000		4.7	%		10.94		4.6	%
2023		13		440,000		9.1	%		12.10		9.8	%
2024		18		587,000		12.1	%		11.65		12.6	%
2025		23		774,000		16.0	%		9.83		14.0	%
2026		15		385,000		7.9	%		11.95		8.5	%
2027		12		249,000		5.1	%		11.49		5.3	%
2028		11		320,000		6.6	%		8.72		5.1	%
2029		13		528,000		10.9	%		12.03		11.7	%
2030		9		355,000		7.3	%		8.29		5.4	%
Thereafter		18		871,000		18.0	%		12.03		19.3	%
All tenants		147		4,850,000		100.0	%	$	11.18		100.0	%
Spaces < 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		52		138,000		7.7	%	$	20.83		7.5	%
2021		29		68,000		3.8	%		20.09		3.6	%
2022		88		243,000		13.5	%		20.77		13.2	%
2023		72		176,000		9.8	%		23.32		10.7	%
2024		86		208,000		11.5	%		23.25		12.6	%
2025		75		294,000		16.3	%		20.84		16.0	%
2026		56		175,000		9.7	%		20.11		9.2	%
2027		33		123,000		6.8	%		18.21		5.8	%
2028		25		80,000		4.4	%		21.15		4.4	%
2029		24		79,000		4.4	%		19.96		4.1	%
2030		24		81,000		4.5	%		20.09		4.2	%
Thereafter		41		136,000		7.6	%		24.60		8.7	%
All tenants		605		1,801,000		100.0	%	$	21.30		100.0	%

									Cash	Tenant		Average
	Leases		Square		New Rent		Prior Rent		Basis	Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change	Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
3rd Quarter 2021		29		216,800	$	14.92	$	12.19	22.4%	$	43.36		8.6
2nd Quarter 2021		38		199,300	$	13.72	$	14.32	-4.2%	$	10.82		6.4
1st Quarter 2021		25		177,600	$	17.23	$	16.99	1.4%	$	5.46		5.7
4th Quarter 2020		37		222,100	$	19.07	$	18.78	1.5%	$	0.59		5.4
Total		129		815,800	$	16.26	$	15.55	4.6%	$	15.52		6.6


New Leases - Comparable
3rd Quarter 2021		10		128,900	$	12.41	$	8.12	52.7%	$	72.93		10.6
2nd Quarter 2021		15		46,100	$	15.99	$	19.66	-18.7%	$	41.35		8.1
1st Quarter 2021		4		33,500	$	21.84	$	20.66	5.7%	$	17.91		9.9
4th Quarter 2020		4		8,900	$	20.57	$	24.36	-15.6%	$	2.52		7.6
Total		33		217,400	$	14.96	$	13.17	13.6%	$	54.86		9.9


Renewals - Comparable
3rd Quarter 2021		19		87,900	$	18.61	$	18.16	2.5%	$	0.00		5.7
2nd Quarter 2021		23		153,200	$	13.04	$	12.71	2.6%	$	1.63		5.9
1st Quarter 2021		21		144,100	$	16.16	$	16.14	0.1%	$	2.56		4.7
4th Quarter 2020		33		213,100	$	19.01	$	18.55	2.5%	$	0.51		5.3
Total		96		598,300	$	16.73	$	16.42	1.9%	$	1.22		5.4


Total Comparable and Non-Comparable
3rd Quarter 2021		33		230,200	$	15.72	N/A		N/A	$	44.91		8.7
2nd Quarter 2021		40		209,100	$	14.30	N/A		N/A	$	15.02		6.2
1st Quarter 2021		31		268,200	$	16.88	N/A		N/A	$	25.98		8.9
4th Quarter 2020		37		222,000	$	19.07	N/A		N/A	$	0.59		5.4
Total		141		929,500	$	16.54	N/A		N/A	$	22.14		7.4

Same-Property NOI (a)	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Base rents	$	19,782,000		$	18,692,000		$	58,519,000		$	56,377,000
Expense recoveries		6,310,000			5,539,000			19,130,000			16,022,000
Total revenues		26,092,000			24,231,000			77,649,000			72,399,000
Operating expenses		8,434,000			8,248,000			26,626,000			23,252,000
Same-Property NOI	$	17,658,000		$	15,983,000		$	51,023,000		$	49,147,000

Occupied	90.5%			90.7%			90.5%			90.7%
Leased	91.4%			92.0%			91.4%			92.0%
Average base rent	$	13.59		$	13.73		$	13.59		$	13.73
Number of same properties	45			45			45			45
Same-Property NOI growth	10.5%						3.8%


Same-Property NOI Reconciliation (a)	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Operating (loss) income	$	(76,280,000	)	$	7,062,000		$	(13,872,000	)	$	10,150,000
Add (deduct):
General and administrative		4,229,000			3,925,000			13,630,000			12,833,000
Gain on sales		-			(679,000	)		(49,904,000	)		(679,000	)
Impairment charges		82,736,000			-			80,887,000			7,607,000
Depreciation and amortization		9,510,000			10,035,000			30,978,000			38,208,000
Straight-line rents		(7,000	)		277,000			(366,000	)		1,222,000
Amortization of intangible lease liabilities		(268,000	)		(299,000	)		(807,000	)		(1,065,000	)
Other adjustments		(46,000	)		(58,000	)		(104,000	)		(29,000	)
NOI related to properties not defined as same-property		(2,216,000	)		(4,280,000	)		(9,419,000	)		(19,100,000	)
Same-Property NOI	$	17,658,000		$	15,983,000		$	51,023,000		$	49,147,000

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment write-downs on real estate properties directly attributable to decreases in the value of depreciable real estate, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as non-capitalized acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company’s computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Press Release		4 — 7

Financial Information
Condensed Consolidated Balance Sheets		8
Condensed Consolidated Statements of Operations		9
Supporting Schedules to Consolidated Statements		10
Funds From Operations and Additional Disclosures		11
EBITDA for Real Estate and Additional Disclosures		12
Summary of Outstanding Debt and Maturities		13

Portfolio Information
Real Estate Summary		14 — 16
Tenant Categories		17
Tenant Concentration		18
Lease Expirations		19
Leasing Activity		20
Same-Property Net Operating Income		21
Summary of Dispositions and Real Estate Held for Sale		22

Non-GAAP Financial Disclosures		23

	Mortgage Loan		Finance Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2021	$	272,000	$	12,000	$	-		$	-	$	284,000
2022		1,116,000		37,000		-			-		1,153,000
2023		1,160,000		39,000		-			100,000,000		101,199,000
2024		1,206,000		41,000		66,000,000	(d)		75,000,000		142,247,000
2025		1,253,000		44,000		-			75,000,000		76,297,000
2026		40,922,000		48,000		-			50,000,000		90,970,000
Thereafter		112,914,000		5,387,000		-			-		118,301,000
	$	158,843,000	$	5,608,000	$	66,000,000		$	300,000,000	$	530,451,000